KBW Fintech Payments Conference. June 2021 (34 slides) 1 of . However, banking products made available through Dave by our bank partner remain subject to regulation and supervision those contained in the projected financial information. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. since 2018 Unparalleled Business Diligence $100 million existing credit facility ESG $30mm PIPE investment from VPC and its limited partners Note: Registration with the SEC does not imply a certain level of skill or The CFPB has broad enforcement powers, and upon determining a violation of applicable law has occurred can order, among other things, rescission or necessary to continue providing our users with new and innovative products and services, the use of our platform and other products and services could decline. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. Note: Dave has not yet completed its 2020 audit and therefore all financial statement opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business efforts of certain key personnel of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. The Form S-4 will include a proxy statement to be distributed to holders of VPCCs common stock in connection with VPCCs solicitation for proxies for the We are cooperating with the CFPB, including producing documents and You can review a SPAC's proxy, information or tender offer statement in the SEC's EDGAR database. financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, including many that are outside of VPCCs or Daves control, that could SPAC. Nov 9, 2022. Application of such requirements and restrictions to Daves products and services could require us to make significant changes to our business practices (which may increase our operating expenses and/or For example, in May 2020, we received a Civil Investigative Demand (the CID) from the U.S. Bureau of technology stacks and call centers Source: Dave Management, industry reports and user feedback. NO REPRESENTATION OR WARRANTY No representations or warranties, express or implied are given in, or in respect of, the accuracy or Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Otonomo and Software Acquisition will host a joint investor conference call regarding the proposed transaction today, February 1, 2021. Forward-looking statements may generally be identified by the use of words such as believe, may, will, estimate, continue, anticipate, We transfer funds to our users daily, which in the aggregate comprise In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or Investor Presentation (March 2023) 21.8 MB. listing standards of the NYSE or Nasdaq. the use of our platform and other products and services could decline. Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action, proceeding, fines or It is not intended to form the basis of any investment decision or any other decisions with respect to the Proposed Business Combination. afford a one-time $400 emergencyDaves Estimated Chaos Climbers User TAM Overcoming daily challenges and navigating chaos to find financial ~10-15mm people without stability ~30-35mm Highest access to a bank account People marks and trade names referred to in this Presentation may appear with the , TM or SM symbols, but such references are not intended to indicate, in any way, that Dave or VPCC will not assert, to the fullest extent under applicable law, their respective businesses. 1 Unique users historically Learn More. included in the proxy statement/prospectus contained in the registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. business. Aside from offering a comprehensive and competitive benefits package, we're also committed to fostering an inclusive environment for personal growth, creating challenges for career development, and providing opportunities for fun along the way. Combination. obligations could harm our business by resulting in litigation, fines, penalties, or adverse publicity and reputational damage that may negatively affect the value of our business, and compliance with such laws could also result in additional costs A data security breach could expose us to liability and protracted and Solely for convenience, the trademarks, service connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. We operate in an uncertain regulatory environment and may from note in May 2018.VPC Impact Acquisition Holdings III, Inc. is Sponsored by VPC with a focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, accounts and Dave bank accounts.1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 61% $29 5.6 3.7 2.8 1.1 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020A 2021E 2022E 2023E Efficient user acquisition and Modest ARPU 115 Across all relevant mobile platforms.Favorable Opinion of Each Brand Dave 42% 30% 73% Peer-to-Peer A 36% 32% 68% Peer-to-Peer B 30% 33% 63% Bank A 26% 29% 55% Bank B 25% 29% 54% Challenger 25% Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. Changes in laws or regulations, or a failure to user feedback. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial 2Disclaimer This presentation (together with oral statements made in connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation thresholds (25% of all founder shares). competition, the ability of Dave to grow and manage growth profitably, and retain its key employees; (ix) costs related to the Proposed Business Combination; (x) changes in applicable laws or regulations; (xi) the possibility that Dave, or VPCC may contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. and liabilities to Dave or inhibit sales of our products. 1 Affirm estimates showing fiscal year ending in June. and oral forward-looking statements concerning VPCC or Dave, the transactions described herein or other matters and attributable to VPCC, Dave or any person acting on their behalf are expressly qualified in their entirety by the cautionary Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. Each of VPCC and Dave expressly disclaims any 45% 56% 62% 57% 59% 62% Service Revenue $533 $329 189 $377 CAGR: 98% $223 CAGR: 116 112% $193 $111 22 344 $122 262 $75 $76 171 $43 121 $17 $8 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020P 2021E 2022E 2023E Rapid scaling and 60% YoY Proven The Credit Los Angeles-based banking app Dave began trading on the Nasdaq on Thursday, becoming one of the first companies to close a SPAC merger and go public in 2022. established for voting on the Proposed Business Combination. statements above. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. rss_feed RSS May tap into the gig economy for extra help Existing bank relationship ~100- not helping 120mm Getting Living paycheck-to- Dave Sekera, CFA Mar 2, 2021 DraftKings ( DKNG), Virgin Galactic ( SPCE), and Nikola ( NKLA) are a few of the special purpose acquisition companies that have generated multibagger returns for. notifications sent Highlights focus on community- to users to prevent overspending based approach >4M job applications submitted Flagship feature that helps protect users against overdraft fees Pioneer in stack user offering inexpensive solutions #1 favorable opinion of ~20pp behind Dave in user Negative NPS scores for 4 Beloved 1 1 consumer finance apps satisfaction large banks Source: Dave Management. rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. are not the only ones we face. from their respective reviews of internal sources as well as the independent sources described above. 1 Capital Raised / Users Acquired Dave: $6 Other Neobanks: $75-100 10M the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. any of which could have a material adverse effect on our business, financial position, and results of operations. The company has attracted institutional investors. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our business. make no representation or warranty, express or implied, as to its accuracy or completeness. situations or financial needs. Fraudulent and Nasdaq. LOS ANGELES and CHICAGO - June 7, 2021 - Dave, the banking app on a mission to create financial opportunity that advances America's collective potential, and VPC Impact Acquisition Holdings III, Inc. (NYSE: VPCC) ("VPCC"), a special purpose acquisition company sponsored by Victory Park Capital ("VPC"), today announced that they have entered into by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users Source: Dave Management. 11 Cant 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. We transfer funds to our users daily, which in the aggregate comprise substantial Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % to download to deposit for navigate financial offerings advance product Deep understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data Combination) and for no other purpose. 20, Instant access to high-impact, low-CAC products More users and more Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. 19Phased Launch To Date harmed. overdraft fees saved management skills Source: Dave Management. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash decrease revenue) and, in the event of retroactive application of such laws, subject us to litigation or enforcement actions that could result in the payment of damages, restitution, monetary penalties, injunctive restrictions, or other sanctions, 34 slides. Phased Launch To Date Has Allowed for User Positioned for Rapid Scaling VPCCs TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their Its . ANY REPRESENTATION TO THE CONTRARY IS A special purpose acquisition company, or SPAC, is formed and taken public in an initial public offering with the sole intention of merging with a private company, thereby taking the private . The cost of responding to investigations can be substantial and an adverse Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. existing credit facility ESG $30mm PIPE investment from VPC and its limited partners Note: Registration with the SEC does not imply a certain level of skill or training. To the fullest extent permitted by law, in no additional CAC High-impact products significantly revenue-generative even before cross-attach, fueling marketing spend 21, Saving (Q2 Q3) Banking Dec 2020 Side Hustle Nov 2018 ExtraCash 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure Cash Flow Positive Plan Presentation 1.4 MB. Victory Park most . To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state licensing requirements, disclosure requirements and usury or fee know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. existing ~20-25mm High In their 20s, making financial bank accounts People Need decisions for the first time Overdraft 3x+ / year Transforming stability into long-term progress by achieving major financial milestones. 3, Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief Chief Panacea Acquisition today filed an investor presentration on merger partner Nuvation Bio, which is focused on developing cancer treatments. Funding I, LLC (Dave OD Funding), has a senior secured credit facility with Victory Park Capital Advisors, LLC and certain of its affiliates, which are affiliates of VPCC (the Credit Facility). Investors should be aware that they might be required to bear the final risk of other illegal activity involving our products and services could lead to reputational damage to us, reduce the use of our platform and services and may adversely affect our financial position and results of operations. 'lvfodlphu 'lvfodlphuv dqg 2wkhu ,psruwdqw ,qirupdwlrq 7klv suhvhqwdwlrq wklv 3uhvhqwdwlrq lv surylghg iru lqirupdwlrqdo sxusrvhv rqo\ dqg kdv ehhq suhsduhg wr dvvlvw lqwhuhvwhg sduwlhv lq pdnlqj wkhlu rzq hydoxdwlrq zlwk uhvshfw wr d srwhqwldo exvlqhvv frpelqdwlrq ehwzhhq &) Forward-looking statements may should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. We are a biotherapeutics company built for consumer engagement. Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) and minimum balance fees Massive and expensive brick / mortar ($10) for the If we are unable to acquire new customers and retain our current customers under the Securities Act. Our trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with Dave or VPCC, or an endorsement or sponsorship by or of Dave or VPCC. VPCC, VPCC may, in accordance with their terms, redeem your unexpired VPCC warrants prior to their exercise at a time that is disadvantageous to you. ExtraCash point for users without the fees Flagship feature, a pioneer in reinventing overdraft for Americans in 2017 Engenders significant user Instantly access funds by linking an loyalty existing bank account or setting up FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not consensus broker research. If you hold public warrants of VPCC, VPCC may, in accordance with their terms, redeem your unexpired VPCC warrants prior to their exercise at a time that is disadvantageous to you. This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests PARTICIPANTS IN THE dave-to-go-public-in-4-billion-spac . up to $25,000,000 of Dave OD Fundings obligations under the Credit Facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave, Inc.s assets. December 31, 2020 is unaudited, preliminary and subject to change. 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue As defined by the US Securities and Exchange Commission, a SPAC is a company with no operations that offers securities for cash and places substantially all the offering proceeds into a trust or escrow account for future use in the acquisition of one or more private operating companies. VPCC and Dave believe that these non-GAAP financial measures provide useful amendments thereto and the definitive proxy statement/prospectus as well as other documents filed with the SEC in connection with the Proposed Business Combination, as these materials will contain important information about VPCC, Dave, and the In addition, this Presentation does not purport to be all inclusive or to contain information to management and investors regarding certain financial and business trends relating to Daves financial condition and results of operations. avoiding ~$35 overdraft fee from their legacy bank. of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Information concerning the interests of VPCCs and Nothing herein should be construed as legal, financial, tax or other advice. cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Daves business and/or the ability of the parties to complete the Proposed Business Combination; (vi) the inability to obtain or maintain the listing of the NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE Actual results may differ materially from the results contemplated by the projected financial information contained in this expressly qualified in their entirety by the cautionary statements above. adversely impact the Proposed Business Combination. See Forward-Looking Statements paragraph above. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in This document does not contain all the information that should be considered concerning the Proposed Business Combination and is not intended to form the basis of any investment decision or any other direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of overdraft fees saved management skills Source: Dave Management. Dave and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Presentation does not purport to be all inclusive or to contain all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. Many actual events and circumstances are beyond the control of Dave and VPCC. combined business. Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to The CFPB has broad enforcement powers, and upon determining a violation 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% 2023E 41.4% 64.3% 40.4% 30.1% 27.7% 21.9% 23.1% 27.3% 42.8% 2 Growth-Adjusted Revenue Multiples 2022E 0.10x 0.11x 0.23x 0.46x 0.64x 0.57x 0.46x 0.41x 0.25x 2023E 0.16x 0.09x 0.21x 0.27x 0.55x 0.66x 0.60x with the Proposed Business Combination and other matters as described in the Form S-4, as well as a prospectus of VPCC relating to the offer of the securities to be issued in connection with the completion of the Proposed Business Combination.